Business Accounting Concepts - IIEI-230

Course Description: This six-week course provides a solid conceptual framework of accounting principles and procedures for non-accounting majors who want or need to be consumers of accounting/ financial information.  It examines the basic accounting system, including balance sheet, income statement and statement of cash flows. It explores management’s need and usage of financial information, including common accounting topics such as equity, retained earnings, debt accounts and recording transactions. Students learn how to prepare, analyze and read financial statements.

 

Prerequisite: None. Basic math skills needed.

Course Credit: 3 Credit Hours

Major Course Topics & Course Outcomes

As a result of the group and individual activities included in this course, the student will acquire the following knowledge and skills that can be applied to the workplace:  

A Business - Overview  

• Explain what a business is and what it does
• Define and identify assets and claims on assets
• Discuss accounting equation
• Define and identify the different types of  “Entity” 

Accounting Transactions

• Analyze individual transactions
• Identify Common Assets and liabilities
• Explain the four basic changes to Owner’s Equity
• Assess the cumulative effect of transactions 

Transactions – Basic Recording Concepts

• Explain the accounting process
• Discuss recording transactions  

Essential Financial Statements

• Describe financial statements
• Identify and prepare an Income Statement, a Statement of Owner’s Equity, Balance Sheet and Statement of Cash Flows  

Basic Accounting Systems

• Explain the five kinds of information
• Assess the use of Accounts
• Discuss Debits and Credits
• Describe the use of a Ledger and a Journal
• Explain the Accounting Cycle

 

Course Materials:

There is one textbook for this course.

Basic Accounting: Concepts, Principles and Procedures, Vol 1  (2007) 1st Edition. Mostyn, Greg R. Worthy-James ISBN 978-0-9791494-8-1

Please contact your advisor.

Please note that textbooks are subject to change. Please contact your advisor before purchasing the textbook for your class to confirm.